Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
Molex Incorporated (NASDAQ: MOLX) and (NASDAQ: MOLXA), a global
electronic components company, today reported results for its second
quarter ended December 31, 2012.
Three Months Ended
Dec 31,
Sept 30,
Dec 31,
USD millions, except per share data
2012
2012
2011
Net revenue
$
967.7
$
916.9
$
857.6
Net income
70.4
71.3
64.0
Earnings per share
0.39
0.40
0.36
Net revenue for the December 2012 quarter was $967.7 million, an
increase of 5.5% from the September 2012 quarter and 12.8% from the
December 2011 quarter. In local currencies, net revenue increased 4.8%
compared with the September 2012 quarter and 13.8% compared with the
December 2011 quarter. Orders for the December 2012 quarter were $919.7
million, a decline of 2.6% from the September 2012 quarter and an
increase of 12.8% from the December 2011 quarter.
Net income for the December 2012 quarter was $70.4 million or $0.39 per
share, compared with $71.3 million, or $0.40 per share, for the
September 2012 quarter and $64.0 million, or $0.36 per share, for the
December 2011 quarter.
“Our results came in at the high end of our guidance range and we were
particularly pleased to achieve record revenue this quarter as shipments
were strong leading into the Christmas period. Bookings were weaker
toward the latter part of the quarter and consistent with normal
seasonal trends, were down 2.6% on a sequential basis. Our pipeline of
new projects is strong and we will have a clearer view of the business
trends for calendar year 2013 after Chinese New Year,” stated Martin P.
Slark, Chief Executive Officer.
Other financial highlights for the quarter
ended December 31, 2012:
Gross profit margin was 29.9%, compared with 29.3% in the September
2012 quarter and 30.7% in the December 2011 quarter.
SG&A expense was $181.0 million, compared with $163.1 million in the
September 2012 quarter and $163.1 million in the December 2011
quarter. The September 2012 quarter included insurance proceeds of
$9.9 million related to losses incurred from the March 2011 earthquake
and tsunami in Japan.
Backlog was $404.0 million, a decrease of 9.3% from the September 2012
quarter and an increase of 16.7% from the December 2011 quarter.
The book-to-bill ratio for the December quarter was 0.95 to 1 compared
with 1.03 to 1 for the September quarter and 0.95 to 1 for the
December 2011 quarter.
Capital expenditures were $78.6 million or 8.1% of revenue.
Inventory days outstanding was 83 days compared with 84 days in the
September 2012 quarter and 91 days in the December 2011 quarter.
Accounts receivable days outstanding was 67 days compared with 69 days
in the September 2012 quarter and 71 days in the December 2011 quarter.
The effective tax rate was 31.1%.
Outlook
Based upon current order rates and customer backlog, the Company
estimates revenue in the range of $900 to $930 million for the March
2013 quarter. At this level of revenue, the Company expects earnings per
share in the range of $0.33 to $0.37, assuming constant foreign currency
rates, unchanged commodity prices and an effective tax rate in the range
of 30% to 32%.
Earnings Conference Call Information
A conference call will be held on Wednesday, January 23, 2013 at 8:30
a.m. central time. Please dial (888) 679-8035 to participate in the
call. International callers should dial (617) 213-4848. Please dial in
at least five minutes prior to the start of the call and refer to
participant pass code 88944879. Internet users will be able to access
the webcast, including slide materials, live and in replay in the
“Investors” section of the Company’s website at www.molex.com.
A 48-hour telephone replay will be available at approximately 10:30 a.m.
central time at (888) 286-8010 or (617) 801-6888 / pass code 81162241.
Other Investor Events
Feb 12 – Goldman Sachs Technology and
Internet Conference in San Francisco, CA
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties that
could cause actual results to vary materially from those stated.Words
such as “expect,” “anticipate,” “outlook,” “forecast,” “could,”
“project,” “intend,” “plan,” “continue,” “believe,” “seek,” “estimate,”
“should,” “may,” “assume,” “potential,” variations of such words and
similar expressions are used to identify these forward-looking
statements.Forward-looking statements are based on currently
available information and include, among others, the discussion under
“Outlook.”These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions
that are difficult to predict. Respective risks, uncertainties, and
assumptions that could affect the outcome or results of operations are
described in Part 1, Item 1A of our Annual Report on Form 10-K for the
year ended June 30, 2012, and the Form 10-Q for the quarter ended
September 30, 2012, which is incorporated by reference and in other
reports that Molex files or furnishes with the Securities and Exchange
Commission.
We have based our forward-looking statements on our management’s
beliefs and assumptions based on information available to management at
the time the statements are made. We caution you that actual outcomes
and results may differ materially from what is expressed, implied, or
forecast by our forward-looking statements. Reference is made in
particular to forward-looking statements regarding growth strategies,
industry trends, global economic conditions, success of customers, cost
of raw materials, value of inventory, availability of credit, foreign
currency exchange rates, labor costs, protection of intellectual
property, cost reduction initiatives, acquisition synergies,
manufacturing strategies, product development introduction and sales,
regulatory changes, competitive strengths, income tax fluctuations,
natural disasters, unauthorized access to data, government
investigations and outcomes of legal proceedings. Except as required
under the federal securities laws, we do not have any intention or
obligation to update publicly any forward-looking statements after the
distribution of this report, whether as a result of new information,
future events, changes in assumptions, or otherwise.
Molex Incorporated is a 74-year-old global manufacturer of electronic,
electrical and fiber optic interconnection systems. Based in Lisle,
Illinois, USA, the Company operates 41 manufacturing locations in 15
countries. The Molex website is www.molex.com.
Editor’s note: Molex is traded on the NASDAQ Global Select Market
(MOLX and MOLXA) in the United States and on the London Stock Exchange.
The Company’s voting common stock (MOLX) is included in the S&P 500
Index.
Molex Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
Dec. 31,
June 30,
2012
2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
705,047
$
637,417
Marketable securities
11,738
14,830
Accounts receivable, less allowances of $37,681 and $37,876,
respectively
745,851
751,279
Inventories
566,889
531,825
Deferred income taxes
101,398
110,789
Other current assets
33,109
33,098
Total current assets
2,164,032
2,079,238
Property, plant and equipment, net
1,177,342
1,150,549
Goodwill
195,030
160,986
Non-current deferred income taxes
48,063
50,038
Other assets
180,130
170,692
Total assets
$
3,764,597
$
3,611,503
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of short-term borrowings and long-term debt
$
115,869
$
104,933
Accounts payable
344,997
355,491
Accrued expenses:
Accrued liability for unauthorized activities in Japan
170,665
184,177
Income taxes payable
40,876
35,360
Other
200,084
212,035
Total current liabilities
872,491
891,996
Other non-current liabilities
19,700
18,174
Accrued pension and other postretirement benefits
95,424
115,176
Long-term debt
230,000
150,032
Total liabilities
1,217,615
1,175,378
Commitments and contingencies
Total stockholders’ equity
2,546,982
2,436,125
Total liabilities and stockholders’ equity
$
3,764,597
$
3,611,503
Molex Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except per share data)
Three Months Ended
Six Months Ended
December 31,
December 31,
2012
2011
2012
2011
Net revenue
$
967,735
$
857,598
$
1,884,656
$
1,793,583
Cost of sales
678,565
594,661
1,327,069
1,237,918
Gross profit
289,170
262,937
557,587
555,665
Selling, general and administrative
181,028
163,073
344,149
332,298
Unauthorized activities in Japan
1,627
2,723
4,188
5,645
Total operating expenses
182,655
165,796
348,337
337,943
Income from operations
106,515
97,141
209,250
217,722
Interest (expense) income, net
(1,133
)
(2,094
)
(1,943
)
(3,485
)
Other (expense) income
(3,151
)
1,482
(1,955
)
1,758
Total other (expense) income, net
(4,284
)
(612
)
(3,898
)
(1,727
)
Income before income taxes
102,231
96,529
205,352
215,995
Income taxes
31,837
32,513
63,644
71,462
Net income
$
70,394
$
64,016
$
141,708
$
144,533
Earnings per share:
Basic
$
0.40
$
0.36
$
0.80
$
0.82
Diluted
$
0.39
$
0.36
$
0.79
$
0.82
Dividends declared per share
$
0.2200
$
0.2000
$
0.4400
$
0.4000
Average common shares outstanding:
Basic
177,123
175,830
176,888
175,656
Diluted
178,854
176,985
178,743
176,778
Molex Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Six Months Ended
December 31,
2012
2011
Operating activities:
Net income
$
141,708
$
144,533
Add non-cash items included in net income:
Depreciation and amortization
117,402
121,174
Share-based compensation
15,425
11,402
Other non-cash items
5,685
5,213
Changes in assets and liabilities:
Accounts receivable
5,006
94,400
Inventories
(34,831
)
(26,442
)
Accounts payable
(5,326
)
(40,976
)
Other current assets and liabilities
9,605
(7,183
)
Other assets and liabilities
(97
)
(10,608
)
Cash provided from operating activities
254,577
291,513
Investing activities:
Capital expenditures
(148,041
)
(95,055
)
Acquisitions
(55,299
)
(24,000
)
Proceeds from sales of property, plant and equipment
3,020
2,202
Proceeds from sales or maturities of marketable securities
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